NIFA Steps up its monitoring of Initial Coin Offerings (ICO)

NIFA Steps up its monitoring of Initial Coin Offerings (ICO).
A self-regulatory association that is supported by China’s banking and securities sectors is stepping up its monitoring of cryptocurrency and initial coin offerings (ICO) in 2018.

At its annual meeting on February 9, the Chinese National Internet Finance Association
(NIFA) revealed that while it has made special efforts to oversee the sector in 2017, it expects this work to be part of its 2018 agenda.

NIFA said in its release,”Special Monitoring Projects in 2017″,”Moving Forward, 2018 will be a critical year for the association to standardize its existing efforts.

Although it was established in 2015 by the People’s Bank of China (PBoC) in cooperation with the country’s banking commissions and banks and approved by the State Council, main administrative authority in China.

NIFA has been further developed to monitor projects, such as inter-pair lending and cryptocurrency. The last move is a more important role in tracking cryptocurrency parenting activities.
The move came after the NIFA issued multiple warnings for the cause of 2017 and early 2018. In fact, the association warned against the ICOs on Sept. 1, just days before the PBoC issued a formal ban on the blockchain use case.